Solar-Powered Vehicle Companies -Industry Analysis and Forecast by 2025

Summary

Solar-Powered Vehicle Market  Growth, 21% of CAGR, Challenges, Research Report and Industry Forecast to 2025 : Global Solar-Powered Vehicle Market Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025

Solar-Powered Vehicle Market Overview

The global Solar-Powered Vehicle Market is growing briskly. The market growth increased in recent years and is expected to grow with a steady pace during the forecast period. According to Market Research Future (MRFR), the global Solar-Powered Vehicle Market would register a significant growth by 2025, at an outstanding CAGR of 21% during the forecast period (2019 – 2025).

The market is predominantly driven by growing government initiatives and subsidies to encourage continued expansion of solar-powered vehicles. Moreover, increasing long-distance driving ranges of electric cars and the rising demand for environment-friendly vehicles fosters the growth of the market.

Growing focus on curbing vehicle emissions, and increasing investments in R&D by OEMs to develop zero-emission cars are some of the major factors impacting the market growth, positively. Additionally, the growing government support for the developments of the solar car, the stringent regulations in Europe and North America towards controlling the vehicle emissions support the growth of the Solar-Powered Vehicle Companies market.

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Major Players

Players leading the global Solar-Powered Vehicle Companies include Hanergy Holding Group (China), Guangzhou Jcar Industrial Company Ltd (China), Venturi Eclectic (France), Ford Motor Company (US), Sono Motors GmbH (Germany), Mahindra & Mahindra (India), The Solar Electric Vehicle Company (US), Cruise Car (US), Immortus (Australia), and Kiira Motors Corporation (KMC) (Uganda), among others.

Solar-Powered Vehicle Market - Segmentation

The report segments the market into five key dynamics to widen the scope of understanding,

By Solar Panel   : Monocrystalline Solar Panel and Polycrystalline Solar Panel.

By Battery Type                : Lithium-Ion Battery, Lead-Acid, and Lead-Carbon, among others.

By Propulsion    : Battery Electric Vehicle and Hybrid Electric Vehicle.

By Vehicle Type : Commercial Vehicle and Passenger Car.

By Regions          : Asia Pacific, North America, Europe, and the Rest-of-the-World.

Regional Analysis

The Asia Pacific region is forecasted to hold the largest share in the global Solar-Powered Vehicle Market during the forecast period. Increasing production and sales of batteries and hybrid electric vehicles in China and Japan is propelling the growth of the regional market. Besides, the increase in the demand for solar-powered electric bus led by government initiatives is estimated to boost the market in this region.

The excellent example of such initiatives is the Indian government’s effort to introduce 5 MN solar-powered electric vehicles across the country by 2020. Furthermore, the ample availability of sunlight in most of the countries in the region due to the geospatial topology encourages the growth of the Solar-Powered Vehicle Companies Market in the region.

In China, there is a massive push for New Energy Vehicles (NEVs) to cut down the urban pollution. In another effort to scale up and earn international attention, some Chinese solar-powered vehicles manufacturers have begun to ship solar-powered electric trucks to the United States. This, as a result, will pave the way for China to have an increased influence on the global Solar-Powered Vehicle Market.

Whereas in India, High GST (goods and services tax) on batteries might affect the sales in the Solar-Powered Vehicle Market. High tax on batteries used in solar-powered vehicles under the GST regime may turn into a major roadblock to the government’s drive to push NEVs. The government needs to step up investments in solar-powered vehicle technology to help bring down the costs of batteries and encourage the adoption of green mobility solutions.

The Solar-Powered Vehicle Market in the North American region is another promising market which is projected to witness significant growth throughout the review period. The US, among other North American countries, holds the largest share in the regional market. In the US, the new tax plan/tax credit per vehicle has boosted sales of solar-powered vehicles further impacting the sales in the regional solar-powered vehicles market.

Global Solar-Powered Vehicle Market   - Competitive Analysis  

Well-established, the Solar-Powered Vehicle Market appears to be competitive and fragmented due to the presence of several large players. They incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive advantage in this market. They emphasize on the product innovation and new manufacturing processes, which, in turn, would fuel the already intensified competition during the forecast period.

Solar Powered Vehicle Market demonstrates high growth prospect, which attracts several new entrants to the market, further intensifying the market competition. Battery-makers operating in the market are increasingly turning to nickel to help the sales of solar-powered cars. Manufacturers strive to offer expansive IT expertise that supports rechargeable batteries, as well as, new energy vehicles, solar farming, and other energy storage options.

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